This is a simple question and it probably has a simple answer. I often wonder who are the people buying the shares during market crash, in 1987 or yesterday: people who need long stocks for hedging? Gamma scalpers? Dump retail investors? Every share has to have a buyer, regardless how low the stock price drops, right? For each down tick, there is buyer buying the stock until the trading is halted, or stock drops to 0. So, during the most extreame crash hours say 2:30PM yesterday, who are the people still doing the buying?